The Bentham High Yield Fund is actively managed and focused on generating higher income than traditional fixed income investments. The Fund provides diversified exposure to the US high yield bond market with active allocation between individual securities and industries.

High yield bonds are managed on the belief that returns above benchmark are driven by a strong credit culture and a systematic investment process. Security selection is based on relative value within the capital structure of comparable companies and industries. The preservation of principal and protection against downside risk plays an important role in the investment process. The Fund has a high level of industry and issuer diversification.

Fund features

Access to a diversified high yield credit portfolio

Quarterly income distributions

Open Fund with daily unit pricing

Australian domiciled trust with more than 19 year's track record - one of Australia's longest-running high yield funds

Investments not generally available to direct retail investors

Access to a global investment universe.

Fund Profile

Fund name

Bentham High Yield Fund

Responsible entity

Fidante Partners Services Limited

Suggested minimum investment timeframe

At least three years

Benchmark

Merrill Lynch High Yield Cash Pay Constrained Index (hedged into AUD)

Distribution frequency

Quarterly

Investment objective

The Fund aims to outperform its benchmark over the suggested minimum investment timeframe

Investment strategy

The Fund is actively managed and aims to provide higher returns than traditional fixed income investments through investing in a diversified portfolio of US corporate debt securities which are rated below investment grade (high yield bonds). The Fund consists primarily of US high yield bonds with limited exposure to syndicated loans and collateralised debt obligations.

Bentham seeks to add value through active allocations between individual securities and industries, while maintaining a highly diversified portfolio.

Investment manager

Bentham Asset Management

CSAC is an appointed sub-advisor and is responsible for security selection

ASX mFund

Available via mFund code BAM03

The information contained above is current as at September 2013 and is provided by Fidante Partners Services Limited ABN 44 119 605 373 AFSL 320505, the issuer of the Bentham High Yield Fund. It should be regarded as general information only rather than advice. It has been prepared without taking account of any person's objectives, financial situation or needs. Because of that each person should, before acting on any such information, consider its appropriateness, having regard to their objectives, financial situation and needs. Each person should obtain a Product Disclosure Statement (PDS) relating to the product and consider that Statement before making any decision about the product. A copy of the PDS can be obtained from your financial planner, the Fidante Partners Services Team on 13 51 53, or the Fidante Partners website: www.fidante.com.au. If you acquire or hold the product, we and/or a Fidante Partners related company will receive fees and other benefits which are generally disclosed in the PDS or other disclosure document for the product. Neither Fidante Partners nor a Fidante Partners related company and our respective employees receive any specific remuneration for any advice provided to you. However, financial advisers (including some Fidante Partners related companies) may receive fees or commissions if they provide advice to you or arrange for you to invest in the Fund. Bentham Asset Management, some or all of Fidante Partners related companies and directors of those companies may benefit from fees, commissions and other benefits received by another group company.

Returns

Net fund performance* - as at 31 January 2018 (% p.a.)

Bentham High Yield Fund

1 Year

3 Year

5 Year

7 Year

10 Year

15 Year

SinceInception

Bentham High Yield Fund (% p.a.)

7.77

7.73

7.61

9.19

10.25

10.53

8.64

ML High Yield Cash Pay Constrained Index (hedged into AUD)

7.20

7.52

7.31

8.94

10.08

10.66

8.97

*Returns are calculated after fees and using pre-distribution month end withdrawal unit prices, and assumes all income is reinvested in additional units. Past performance is not necessarily indicative of future performance. Returns may be volatile and may vary from year to year. Source: Fidante Partners Services Limited, State Street. Fund inception dates: Bentham Global Income Fund - 16 September 2003, Bentham Syndicated Loan Fund - 16 August 2004, Bentham High Yield Fund - 15 October 1998.

Distribution history (% of NAV*)

Financial Year

Sep

Dec

Mar

Jun

Year

FY2018

1.25

1.24

2.53

FY2017

1.20

1.21

1.15

1.03

5.11

FY2016

1.22

1.24

1.29

2.43

6.14

FY2015

1.76

1.62

0.00

3.10

6.67

FY2014

2.43

2.91

2.41

1.94

10.43

FY2013

1.53

2.32

2.57

3.07

10.37

FY2012

2.77

0.78

3.20

4.38

11.82

FY2011

0.96

4.26

2.64

6.69

16.39

FY2010

0.24

0.00

1.72

5.87

9.65

FY2009

1.96

0.00

0.00

1.95

3.64

FY2008

0.85

1.16

0.41

14.34

16.91

FY2007

1.40

0.99

1.10

1.63

5.54

*Calculated as the CPU distribution at month end divided by the ex-distribution NAV at the start of the month. Past distributions are no indication of future distributions. Source: Fidante Partners Services Limited.

Partners

The information contained in this presentation is current as at the date of this presentation unless otherwise specified and is provided by Bentham Asset Management ABN 92 140 833 674 AFSL 356199 (‘Bentham’).